Nasdaq Intraday Review – Wednesday 29 Nov 2023
I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you :)
- Today I was looking exclusively for a buy as Nasdaq is strong bullish – “The trend is your friend”
- Did my analysis at +-5:30am GMT
- Identified 3 zones where I would have entered 1 position at each zone
- Zone 1 = confluences:
30 min 20 EMA dynamic support
Small Head and Shoulders on one hour had broken the neckline and travelled down +- the same distance as the height of the pattern itself. Ususally Nas moves back to retest the neckline (i.e in this case it would buy back up to at least the neckline – giving some confidence that the market would at least bounce off the 30min EMA
- Zone 2 = confluences:
1H 20 EMA dynamic support (at time of analysis)
4H TF 0.382 Fib retracement level
Retest of the triangle that the market had just broken out of
- Zone 3 = confluences:
4H TF 0.50 Fib retracement level
Pivot point as support
4H 20 EMA as dynamic support (at time of analysis)
Stop for all three positions would have been thick pink line at bottom of triangle that had just been broken
- Market only moved to my Zone 1, so entered 1 long position.
- Market moved past TP1 and TP2 – I didn’t take profit because the thick pink vertical line is the expected move after a breakout of a triangle (i.e. The height of the triangle is the distance of the expected breakout).
- Closed half my position after the formation of the doji candle on the 1 hour and left the other half running. Moved the stop of my runner to entry so that I wouldn’t take a loss on this position if the market moved back down.
- My TP for my runner was a “time” take profit…. i.e. I wait till the end of the day to see how far the market has rallied. Nasdaq often keeps moving after a breakout for the whole day.
- Unfortunately, the market respected the rising wedge upper trend line (the dark brown line) and moved down so drastically that it took out my runner at entry.
- Ultimately +-900 pips profit for the day.
- So, I’m done for the day!
- Good luck if you are still trading!
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you :)
- Today I was looking exclusively for a buy as Nasdaq is strong bullish – “The trend is your friend”
- Did my analysis at +-5:30am GMT
- Identified 3 zones where I would have entered 1 position at each zone
- Zone 1 = confluences:
30 min 20 EMA dynamic support
Small Head and Shoulders on one hour had broken the neckline and travelled down +- the same distance as the height of the pattern itself. Ususally Nas moves back to retest the neckline (i.e in this case it would buy back up to at least the neckline – giving some confidence that the market would at least bounce off the 30min EMA
- Zone 2 = confluences:
1H 20 EMA dynamic support (at time of analysis)
4H TF 0.382 Fib retracement level
Retest of the triangle that the market had just broken out of
- Zone 3 = confluences:
4H TF 0.50 Fib retracement level
Pivot point as support
4H 20 EMA as dynamic support (at time of analysis)
Stop for all three positions would have been thick pink line at bottom of triangle that had just been broken
- Market only moved to my Zone 1, so entered 1 long position.
- Market moved past TP1 and TP2 – I didn’t take profit because the thick pink vertical line is the expected move after a breakout of a triangle (i.e. The height of the triangle is the distance of the expected breakout).
- Closed half my position after the formation of the doji candle on the 1 hour and left the other half running. Moved the stop of my runner to entry so that I wouldn’t take a loss on this position if the market moved back down.
- My TP for my runner was a “time” take profit…. i.e. I wait till the end of the day to see how far the market has rallied. Nasdaq often keeps moving after a breakout for the whole day.
- Unfortunately, the market respected the rising wedge upper trend line (the dark brown line) and moved down so drastically that it took out my runner at entry.
- Ultimately +-900 pips profit for the day.
- So, I’m done for the day!
- Good luck if you are still trading!
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day